HIGHLIGHTS OF GROUP OF SEVEN/GROUP OF EIGHT SUMMITS
Fostering Cooperation in a Global Economy
July 21, 2000

The world's major industrial democracies have worked together through
Group of Seven/Group of Eight summits to strengthen the world economy,
support new democracies, address common security threats, and reduce
poverty. Since 1993, the United States has moved from having the
largest budget deficit in the G-7 to the biggest surplus, and has helped
lead the way to build a strong global economy with an unprecedented
economic expansion.

TOKYO, JAPAN: JULY 7-9, 1993
The 1993 Group of Seven Summit marked the first time in more than a
decade that the conference communique was not implicitly or
explicitly critical of the United States for failing to address its
deficits. Instead, the communique, titled "A Strengthened Commitment
to Jobs and Growth," specifically said that the U.S. economy was on
the right track and reflected the U.S. emphasis on the G-7 meeting as a jobs summit.

--Key Issues:

-Supporting the Clinton Economic Plan: The conference communique
explicitly supported President Clinton's economic plan to reduce the
deficit and to bring growth and investment back to the U.S. economy.
The summit also endorsed President Clinton's proposal for a jobs summit
to be held in Washington in the fall of 1993.

-Reducing Tariffs and Promoting Trade: The Group of Seven leaders
reached agreement to reduce tariffs and open markets for manufactured
goods under Uruguay Round talks, and the communique said the conclusion
of the Uruguay Round would be given the "highest priority."

-Supporting Reform in the New Independent States: The G-7 agreed on
a $3 billion aid package to encourage market reform in Russia.

NAPLES, ITALY: JULY 8-10, 1994
In 1994, the G-7 Summit focused on strategies to create jobs and
better prepare people to fill them; to develop infrastructure for the
new global economy; to commit to sustainable development for all nations;
and to continue the economic, the political, and the integration of
the new democracies into the family of free nations. As a signal of
G-7 support for Russian reform, G-7 leaders invited Russian President
Yeltsin to participate in the political discussions. The summit also
addressed pressing security challenges, including the war in Bosnia.

--Key Issues:

-Building the Global Economy: To keep the global economic recovery
moving, the G-7 leaders pledged to ratify GATT before the end of the
year, and pledged that the World Trade Organization would be up and
running by January 1, 1995. For the first time, the G-7 committed to
work together on the issues of lifetime learning and job training. The
leaders agreed to take steps to build a new infrastructure for the
information economy, and agreed to hold a conference on
telecommunications issues to lay plans for a global information
superhighway.

-Reform of Global Institutions: The G-7 leaders agreed on an
open-ended review, to consider how "the global economy of the 21st
century will provide sustainable development with good prosperity" and
"what institutional changes may be needed to meet those challenges."

-Supporting Reform in the New Independent States: The G-7 deepened
its commitment to encourage the transition from communism to free market
economies, and agreed that the international community would provide
more than $4 billion in financial assistance to Ukraine in support of
economic reform. The leaders also pledged $300 million to help pay for
the initial stages of shutting down and cleaning up the nuclear reactor
at Chernobyl.

-Preserving the Environment: The G-7 continued its commitment to
the environment and sustainable development, agreeing to report back the
following year on respective successes in living up to clean air
agreements and other environmental treaties.

HALIFAX, CANADA: JUNE 15-17, 1995
Against the backdrop of conflicts in Bosnia and Chechnya and recent
bombings at Oklahoma City and the World Trade Center, the 1995 Group
of Seven conference addressed a number of emerging global economic and
security challenges.

Key Issues:

-Strengthening the Global Economy: The G-7 leaders called on the
International Monetary Fund to improve surveillance procedures, increase
transparency, and create an early warning system to enable swift action
when one nation's economic crisis threatens the world economy -- as was
nearly the case with the 1995 financial crisis in Mexico. The leaders
called for an emergency financing mechanism that could provide
large-scale assistance rapidly if such support is necessary. They also
called on the IMF, the World Bank, and regional development banks to
begin a comprehensive program to address the debt problems of the
world's poorest countries.

-Focusing on Human Needs: The G-7 agreed that the World Bank, the
IMF, and United Nations agencies must focus on addressing basic human
needs, such as the alleviation of poverty, supporting private sector
development, promoting sustainable development, and environmental
protection along with economic growth.

-Addressing New Security Threats: The G-7 leaders agreed to work
together more comprehensively to counter the growing dangers posed by
terrorists, international criminals, nuclear smugglers and drug
traffickers.

-Statement on Bosnia: In a joint statement, the leaders expressed
strong support for the Contact Group's efforts to end the conflict in
Bosnia and called upon the parties to refrain from all military action
and resume the negotiation process.

MOSCOW, RUSSIA: APRIL 19-20, 1996
In April 1996, the G-7/G-8 met in Moscow for a summit on nuclear
security issues.

Key Issues:

-Working to Ban Nuclear Testing: The leaders issued a statement on
the Comprehensive Nuclear Test Ban Treaty (CTBT) calling for concluding
and signing the CTBT by September, 1996. Participants also agreed that
the CTBT must be comprehensive and ban any nuclear explosion.

-Stemming Nuclear Smuggling: The leaders announced measures to stop
smuggling insensitive nuclear technologies and materials, including the
sharing of intelligence and collaboration on customs and law
enforcement.

-Supporting Chernobyl Closure: The leaders reaffirmed their
commitment to provide $3 billion in exchange for Ukraine's promise to
close the Chernobyl complex by the year 2000.

--LYON, FRANCE: JUNE 27-29, 1996

The Lyon summit focused on three key areas: the fight against
terrorism and crime, strengthening the peace in Bosnia, and advancing
the nations' common agenda for continued economic growth. The summit
included a special session on new global challenges facing the world's nations.
The Lyon Group on Transnational Crime, still active, grew out of this
Summit's efforts.

Key Issues:

-Safeguarding the Global Financial System: The G-7 leaders outlined
priorities to safeguard the global financial system, including strong
risk management and transparency in innovative markets in the major
financial centers. They called for a review of the implications of
electronic money in order to ensure we reap the most benefits from these
innovations while avoiding problems. The leaders reaffirmed a
partnership for development emphasizing the importance of sound economic
policies and good governance and again emphasized the need for
development organizations to focus on alleviating poverty and fostering
private sector development.

-Working Toward Debt Forgiveness: The leaders reached broad
agreement on the need to strengthen efforts to promote development in
the world's poorest nations by forgiving their foreign debt.

-Fighting Terrorism and Transnational Crime: In the wake of a
bombing of an American base in Saudi Arabia, the leaders pledged
cooperation in the fight against terrorism. The Leaders endorsed a U.S.
package of 40 measures to address terrorism and crime, including
measures intended to make it more difficult for criminals to cross
borders, hide money and purchase weapons.

-Working for Peace in Bosnia: The G-7 leaders committed their full
support for the elections to be held in September, and for accelerating
the civilian reconstruction that was already underway. The leaders also
made it clear that the parties in Bosnia must live up to their
obligations under the Dayton Accords.

DENVER, UNITED STATES: JUNE 20-22, 1997
The Denver meeting continued to focus on the challenges and
opportunities the world's nations faced as the 21st Century
approached. The G-7/G-8 leaders worked to prepare their economies to
meet new transnational threats to security and to integrate new
partners into the community of free market democracies -- with an
increasing emphasis on dealing with problems that matter to people.

Key Issues:

-Preventing Global Financial Crises: To prevent financial crises in
one country from sending shockwaves around the world, the leaders
strengthened the network of banking and market officials to monitor
financial policies and police risky practices. The leaders explored
strategies to create more jobs, and planned to continue those
discussions at upcoming employment conferences in Japan and England.
They also discussed challenges associated with aging populations, and
how to keep senior citizens living productive lives well into their
later years.

Addressing Security Threats: The leaders signaled their intention
to step up their collective efforts against the growing international
problem of high-tech and computer-related crime, and agreed to work more
closely to stem the spread of materials of mass destruction that could
be used in terrorist attacks. The leaders agreed to tighten control on
plutonium stockpiles and establish a rapid response network to prevent
nuclear smuggling.

-Improving Global Health: In an age where infectious disease can
span the planet in the space of an airline flight, the leaders agreed to
create a global early warning system to detect outbreaks and to help
quickly get the right medicines where they are needed. They also
pledged to accelerate efforts to develop an HIV/AIDS vaccine.

-Addressing Global Warming: The leaders recommitted themselves to
the principles of the Rio Summit, and agreed to work to reach an
agreement in Kyoto to reduce greenhouse gas emissions to respond to the
problem of global warming.

BIRMINGHAM, ENGLAND: MAY 15-17, 1998
The 1998 Group of Seven/Group of Eight meeting included discussions
on employment issues, environmental issues, crime issues, and on how the
nations could work together and with smaller countries to prepare for
the "Y2K" conversion of computers. The summit also focused on two
breaking political events -- nuclear tests in India and political
violence in Indonesia. On October 30, 1998 the leaders put out a
joint statement on the World Economy, highlighting measures announced
by G-7 Finance Ministers and Central Bank Governors to address both
the immediate and the longer-term weaknesses in the international
financial system, particularly in light of their impact on the poor
and most vulnerable.

Key Issues:

-Meeting the Challenge of the Global Economy: The Asian financial
crisis demonstrated how financial sector flaws in a few developing
countries and inadequate risk assessment by international creditors and
investors can impact economies around the globe. To prevent future
crises, the G-7/G-8 leaders overwhelmingly agreed on the importance of
global capital markets to growth around the world. At the same time,
the leaders agreed to work toward increased transparency; to establish a
system of multilateral surveillance of national financial systems; to
strengthen the mechanisms that allow international and national
regulatory authorities to ensure their systems are sound; and to call
for broad measures to ensure that the private sector takes full
responsibility for its decisions.

-Bringing Africa into the Global Economy: The leaders discussed the
need to integrate all people and all nations into the global economy,
with a particular emphasis on Africa. The G-8 leaders committed to
assist Africa participating in international trade and investment, in
ensuring that all children receive primary education, and in decreasing
child and maternal mortality rates.

-Condemning Nuclear Tests: The leaders issued a strong statement
condemning the nuclear tests in India, and called on India to join the
Comprehensive Nuclear Test Ban Treaty.

-Working Together to Fight International Crime: The G-8 leaders
continued the work begun at the Lyon summit, setting up a series of
actions to create the ability for governments to transcend borders to
fight crime, including high-tech crime, through the development of
common approaches, common rules, and common standards to create law
enforcement systems that can easily operate together.

Finding Agreement on Global Warming: The leaders came together in
a common strategy to deal with climate change, particularly focusing on
market mechanisms, flexibility, and trading. There was a strong
endorsement for engaging developing countries to participate
meaningfully in the climate change regime.

-Fighting Infectious Disease: The leaders renewed their commitment
to combat infectious disease, particularly HIV/AIDS. They also
announced a new effort to reduce the death toll from malaria and other
parasitic diseases.

COLOGNE, GERMANY: JUNE 18-20, 1999
The Group of Seven/Group of Eight summit in Cologne continued to
focus on strengthening the global economy while preventing future
financial crises and working together to address common security
threats. Discussions included an increasing focus on strengthening developing
nations, alleviating poverty, and protecting the world's most
vulnerable citizens. The meeting also included a considerable focus on
rebuilding the peace in Kosovo.

Key Issues:

-Strengthening the International Financial Architecture: Following
up on work begun in Birmingham, the leaders agreed on new steps to
strengthen the international financial architecture and prevent
financial crises in one country from reverberating in markets around the
world. The leaders agreed to develop stronger international financial
institutions and to give a greater voice to emerging markets, to enhance
transparency, to support stronger regulation in lending countries, and
to share responsibility for crisis resolution.

-The Cologne Debt Initiative: The G-7 leaders endorsed a new
initiative to enable Heavily Indebted Poor Countries (HIPCs) to receive
deeper, broader, and faster debt relief in return for firm commitments
to channel the benefits into improving the lives of all their people.
The initiative will help free the resources of poor countries so they
can invest in health care, education, the fight against AIDS, and the
alleviation of poverty, and future prosperity.

-Protecting the World's Most Vulnerable Citizens: The leaders
resolved to work with the International Labor Organization to eradicate
abusive child labor and enforce good labor standards around the globe.

-Education Charter: The leaders expressed their commitment to
greater investment in education and lifelong learning, agreeing on basic
principles central to this effort.

-Safeguarding Nuclear Materials: The G-8 partners agreed to
increase support for President Clinton's Expanded Threat Reduction
Initiative, which is aimed at increasing cooperative programs to keep
nuclear materials and other sensitive technology and expertise in
Russia, Ukraine and the New Independent States (NIS) from falling into
the wrong hands.

-Rebuilding Kosovo: Shortly after NATO ended its air offensive
against Yugoslavia, G-8 leaders announced an effort to rebuild Kosovo
and pledged to cooperate with the European Union, the Organization for
Security and Cooperation in Europe, and the United Nations in forging a
stability pact for Yugoslavia and its neighbors to strengthen democracy,
promote human rights, encourage investment and growth, foster regional
cooperation and counter transnational threats.